Car Financing
Finance Your Vehicle With ALM Cars
When you're shopping for a new car, you also need to think about your financing options. Your loan amount and repayment terms will depend on a variety of factors, including your credit score and history. While you can get a lower interest rate with a higher credit score, you can still get car financing with imperfect credit. To get a car loan, you'll need to talk to someone who can walk you through the lending process.
At ALM Cars, we strive to provide our customers with a range of financing options so they can shop and buy with us. Whether you need a loan for a new or used car, a lease on the latest model, or you're looking for the best financing deals, you can find what you need at ALM Cars.
Please select from one of the following of our convenient locations to apply for financing:
Understanding Your Financing Options
Before you head to ALM Cars to buy your next set of wheels, let's go over your financing options so you can make the best decision for your budget and needs.
Buying
Financing your car purchase means you want to own the car you're buying. You make payments to the bank each month, but the vehicle belongs to you, and when you finish paying it off, you get the title.
Owning a vehicle has these pros:
- You don't have to worry about how many miles you drive.
- You can customize the car and add accessories.
- You can sell or trade the vehicle at any time.
- You can keep the car for as long as you like.
The downsides to buying a vehicle include:
- You need to have a larger down payment.
- You're responsible for all maintenance and associated costs.
Your new car will depreciate rapidly in the first few years of ownership.
Leasing
Leasing a vehicle means you're making payments to use the car for a set amount of time. When your lease ends, you return the car. This allows you to drive a new car every few years and always have the latest model.
Leasing a vehicle has these benefits:
- Your monthly lease payments are often lower than if you were buying the car.
- Your leased vehicle will have a warranty to cover most maintenance and repair costs.
- You won't need to come up with a large down payment.
The cons of leasing a car are:
- You can't change or upgrade your vehicle.
- You'll have mileage limits and restrictions.
- You can't return the vehicle early.
- You may not be able to keep the vehicle if you like it.
How To Apply for Financing
Applying for car financing with ALM Cars is easy. We have a simple form you can fill out online to get you started. We'll ask you a couple of quick questions to help us get to know you, and after we review your information, we'll get back to you to find out more and give you an idea of what you can spend. Before you get started with the loan process, follow these steps that detail how to apply for financing:
- Get your credit report and your credit score.
- Gather quotes from more than one lender.
- Set your budget and stick with it.
- Shop for a vehicle.
- Finish up your loan paperwork and drive away.
Discover Financing Specials and Deals
The finance team at ALM Cars has years of experience working with lenders who can help you get the money you need to purchase your dream car, truck, or SUV. Because we have such a wonderful relationship with so many lenders, we can offer our customers excellent financing specials that make buying a car from us even better. Our financing deals and specials change frequently, so check with us often to learn what we're offering so you can make the move on your next car purchase.
Financing for All Credit Types
Regardless of your credit score or financial history, ALM Cars can get you a loan. Your credit score does play into how a bank calculates your interest rate, so having a higher score will get you a lower interest rate. But, at ALM Cars, we can get you a loan even if you have bad credit or no credit. Our finance team can work with lenders that don't have to follow the strict guidelines that some banks and credit unions do, giving us more flexibility with your loan if you don't have a great credit score.
Maximizing Your Trade-In Value
Trading in your old vehicle when you're ready to buy a new one from ALM Cars can help put money toward your new vehicle purchase. We'll value your trade-in based on the car's mileage and condition, plus its year, make, and model. Our team will inspect your car and present you with an offer. The used vehicle market is hot right now, which means you can get top dollar for your vehicle when you buy a new one.
Use these tips to maximize your trade-in value:
- Thoroughly wash and clean the vehicle, removing all debris and personal items.
- Know the trade-in value of your car before you go to the dealership.
Take care of any minor mechanical or cosmetic issues.
Get Personalized Financing Assistance
Get the personalized financing assistance you deserve at ALM Cars. Contact our finance team or visit our dealership to discover what we offer and how we can help you get your dream car.
FAQs About ALM Financing
These are some of the most common questions we get about ALM financing.
We work hard to get every customer a loan no matter their financial situation. Our finance experts can work with you to find a lender with terms and rates that fit your needs and get you the car you want.
Although the initial hard credit check a bank runs can cause your credit score to go down, it will return to normal as long as you make your car payment on time each month. If you gather quotes from several loan companies within a short period, the bank should only count it as a single inquiry.
Your interest is determined based on many factors, so it's important to discuss your loan options with one of our finance representatives. They can help you understand more about your interest rate.
The major credit reporting agencies, including Equifax, Experian, and Transunion, maintain detailed reports of your credit history from the information provided to them by your creditors, such as banks and lenders who provide your car loan and credit cards. You can request a copy of your credit report directly from the agency or from various services that provide access to credit reports. Check with your bank or credit card company to see if they offer a free annual copy of your credit report before paying to request a copy of these documents.
If you sign a credit application or loan application for an auto loan, the dealership could submit that request to several lenders to shop for the best rate and terms for your loan. Lenders who get that request can reach out to the credit reporting agencies to review your credit history and rating or score. These inquiries are known as hard credit checks, pulls, or hits and can be seen on your credit report for up to two years from the date they are submitted. However, you should know that when multiple credit checks or hits occur within 45 days, they are lumped together as a single pull. So, it does not significantly impact your credit score when you request a car loan, and the dealership applies to multiple lenders.
The better your credit score, the more reliable and creditworthy you appear to future lenders. In general, a higher credit score will secure a lower interest rate for your next car loan and allow you to seek better terms for the loan, such as a longer loan term to lower your monthly payment.
There are no shortcuts to building or correcting a poor credit score. The best practice is to use your credit responsibly and always make your payments on time. When you make late payments, and the lender reports that information to the credit agencies, the negative information can remain on your credit history for as long as seven years for late payments and ten years in the case of bankruptcy. If you have faced credit issues in the past, please visit the ALM Cars dealership in Perry or Athens to review the vehicles within your price range, including our selection that is under $20K to provide reasonable payments that will be stress-free to make on time to help restore your credit score and credit worthiness.
You can contact the credit agency that has incorrect information related to your credit history to dispute the items. The Fair Credit Reporting Act allows you to question any item in your credit report that you feel is incorrect. Be prepared with records or documentation to submit to the credit agency that verifies your payments or completion of a loan that they show as unpaid or outstanding.